Updates to accounting! 📈

We hope you'll love a faster, easier experience for our Accounting platform. We're really excited to share these updates with you. If you don't see them now, we're working hard to make sure you see them soon.

Cash-based reporting - View your business’s performance on a cash basis, and see how much cash you have coming in and going out in any given period. The new cash basis option gives you another lens on your business and makes filing sales taxes a breeze. You can always flip back to accrual reports whenever you want.

Multi-line transactions - You can now quickly and easily itemize a single transaction into its component parts. This means you can set multiple categories on a transaction, or apply a transaction to multiple bills or invoices. Adding these details lets you do more with transactions while keeping reconciliation simple at the end of the month.

More including... Comparative reporting to see how you’re doing over time, improved page loading time, search by description.

Who can take advantage of this?

Everyone everywhere. More on this below.

I don't have this in my account. Will I?

Yes! If you've been with us for a while, you may know that there's been a progressive rollout of new accounting features. These are currently available for all new accounts. Existing accounts are being moved over as quickly as possible, as soon as we're certain we can over the best possible experience. We're doing a big push to do this for as many customers as possible as quickly as we can. You'll receive an email about a week before you are moved over.

P.S.

If you're keen on testing new developments, please reach out! We can build a group together where our teams can invite you to new projects.

Comments

Hi. I'm from South Africa, and I'd love the ability to add a 'VAT amount' section to my invoices because I'm not a VAT vendor but my clients require the VAT amount to be stated on the invoice even if it is '0'. Along with the ability to add a VAT section without having to insert a VAT vendor number if one's business is not VAT registered yet.

I haven't been moved over to the new features yet but I am so excited for this!
Cash-basis has been a bit of an issue for me so thank you for adding it, how far through your customer base are you with the rollout?

@Caro we're making great progress! So glad to hear you're excited. We're excited too. Our Accounting Team has been working for a long time to deliver a fabulous experience here, and I know they're keen to share it with everyone who has been waiting.

You'll get an email a week before you move over. I'm going to tag @JustinA from the team here in case he'd like to jump in.

please please change it back! The updates to accounting have been nothing but trouble for us. I cant merge my duplicate transactions because you took away the option to sort by dollar amount. What am I supposed to do now?

Hi @glfp. Our main objective and goal for the new year is to have all of our users migrated over to our latest software. With that being said, we don't have a concrete timeline of when this will be available to all users -- but hopefully by the beginning of the new year.

@TAR. If you are attempting to look for your duplicate transactions in Wave, you can simply either search the transactions page by select CMD+F or CTRL+F and typing in the dollar amount in order to find them easier. However, assuming that these transactions are related to income, the date ranges for the transactions should be fairly similar given the nature of how invoice payments/deposits work. Being able to sort by dollar amounts could be something that we bring back to our transaction filter, but no immediate plans for the time being.

Hi @glfp , we currently don't have concrete timelines available for the migrations that are taking place because there is a certain variability to it. Users are moved over in batches due to technical reasons, but we also want to make sure that all accounts are moved over without any issue.

In any case, we will definitely make sure to notify you as soon as we are sure you are being migrated!

i am having trouble with my transactions in my bank account not showing up in wave.
the stripe payments are coming through but the direct deposits and the withdrawals are not.
I was having "double" payments eg the stripe payment notification and the actual stripe payment. i was told a few weeks back to delete the stripe payment because it was showing up as more income that had already been accounted for. now i'm only getting the payment that I had been deleting.

I have sent a private message a couple days ago, but I have not seen a reply yet.

Hi @Dotty3340! It sounds like you've connected a bank for Payments but that you might not have connected a bank for Accounting. Connecting a bank for Payments let's us know where to deposit the payments you collect through Stripe. Connecting a bank for Accounting allows Wave to import transactions so you don't have to manually type them. Even if you're using the same bank account for both, you need to connect the bank account twice.

Hey @22asepsysca. The Journal Transactions have moved to the transactions page itself. If you take a look at the 'More' drop down in the righthand corner, you will see the option for you to create a Journal Transaction from that particular list.

Hey @bobkee, it's looking like you're still on the original Wave system in this case, so you should be able to access Journal Entries via Accounting > Journal Entries for now, but you'll be seeing the More button soon.

@nampara17 We recently just launched a product called Wave Connect which allows for the customization of importing/exporting data from your Wave account. However, the capability of being able to export transactions in Wave Connect (as a customization) is still not available for our users. This could be something that we add in the future, but we still do not have any immediate plans in doing so. With that said, you will need to export transactions from Settings > Other > Data Export in order for your transactions to be exported (you can sort through the excel/csv later and find the specific date range) https://support.waveapps.com/hc/en-us/articles/360020768272-Wave-Connect-Easily-import-and-export-data-with-Wave-s-Google-Sheets-add-on- [EDIT]